St. Patrick’s Home for the Aged and Infirm Taxable Term Loan
November 18, 2015
Cain Brothers served as investment banking advisor for the issuance of a $9.125 million taxable term loan for St. Patrick’s Home for the Aged and Infirm (“St. Patrick’s Home”).
St. Patrick’s Home is a nonprofit 264 bed skilled nursing facility located in Bronx, NY and has been owned and operated by the Carmelite Sisters for the Aged and Infirm since 1931. Proceeds from the financing are being used to refinance an existing loan with a foreign bank looking to exit the U.S. market and to fund capital expenditures.
St. Patrick’s Home is a member of the Carmelite System, a Catholic not-for-profit health system sponsored by the Carmelite Sisters for the Aged and Infirm, which consists of 15 senior care facilities that provide services to the aged and infirmed across the country and in Dublin, Ireland.
Cain Brothers served as the structuring agent to solicit taxable term loan proposals. In addition, Cain Brothers will assist St. Patrick’s Home in entering into a fixed pay interest rate swap to hedge the variable rate interest on the loan.
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